"If he was a business leader in South America or Africa or Asia and he spent 100 hours studying the problem, he would be more bullish on Bitcoin than I am," Michael Saylor says.
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Michael Saylor has shrugged off Charlie Munger's criticism of Bitcoin — and claims the billionaire investor is part of the "Western elite."
In an interview with CNBC, MicroStrategy's executive chairman claimed the 99-year-old hasn't devoted time to understanding why the world's biggest cryptocurrency is needed.
"If he was a business leader in South America or Africa or Asia and he spent 100 hours studying the problem, he would be more bullish on Bitcoin than I am."
However, Saylor indicated that they are fellow travelers on some issues — and the entrepreneur agreed that thousands of the altcoins in existence amount to nothing more than gambling.
In it, he praised Chinese President Xi Jinping for a "splendid example of uncommon sense" in his decision to ban Bitcoin. He added:
"A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it's a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity."
Bitcoiners argue that critics like Munger often misunderstand why this cryptocurrency is useful because they live in stable countries with stable economies.
And as Saylor alluded to, his viewpoint may be different if he lived in a nation where the local currency suffered from rampant hyperinflation.